I 

116TH CONGRESS 

1ST SESSION H. R. 2974 

To improve the financial literacy of secondary school students. 

IN THE HOUSE OF REPRESENTATIVES 

MAY 23, 2019 

Mr. CARTWRIGHT (for himself, Ms. BROWNLEY of California, and Ms. JACKSON LEE) introduced the following bill; which was referred to the Committee on Education and Labor 

A BILL 

To improve the financial literacy of secondary school 

students. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Youth Financial 

5 Learning Act’’. 

6 SEC. 2. STATEWIDE INCENTIVE GRANTS FOR FINANCIAL 

7 LITERACY EDUCATION. 

8 (a) DEFINITIONS.—In this Act, the terms ‘‘commu9 nity-based organization’’, ‘‘elementary school’’, ‘‘local edu10 cational agency’’, ‘‘professional development’’, ‘‘secondary 


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1 school’’, ‘‘Secretary’’, ‘‘State educational agency’’, and 

2 ‘‘well-rounded education’’ have the meanings given those 

3 terms in section 8101 of the Elementary and Secondary 

4 Education Act of 1965 (20 U.S.C. 7801). 

5 (b) GRANTS AUTHORIZED.— 

6 (1) IN GENERAL.—From amounts appropriated 

7 under subsection (f), the Secretary shall award 

8 grants, on a competitive basis, to State educational 

9 agencies to enable those State educational agencies 

10 to integrate financial literacy education into public 

11 elementary schools or secondary schools by carrying 

12 out the activities described in paragraph (4). 

13 (2) DURATION.—A grant awarded under this 

14 section shall be for a period of not more than 4 

15 years. 

16 (3) APPLICATION.—Each State educational 

17 agency desiring a grant under this section shall sub18 mit an application to the Secretary at such time and 

19 in such manner as the Secretary may require, in20 cluding— 

21 (A) a description of how the State edu22 cational agency will award subgrants to local 

23 educational agencies; 


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1 (B) a description of how the State edu2 cational agency will ensure sustainability of the 

3 grant activities after the grant program; 

4 (C) an assertion that teachers, principals, 

5 parents, and students have been consulted in 

6 the process of developing the application; and 

7 (D) a description of how the State edu8 cational agency will ensure geographic diversity 

9 so that grant activities benefit students in 

10 urban, rural, and suburban locations. 

11 (4) USES OF STATE FUNDS.— 

12 (A) STATE ACTIVITIES.—Each State edu13 cational agency receiving grant funds under this 

14 section may use not more than 10 percent of 

15 such grant funds— 

16 (i) for technical assistance; 

17 (ii) for curriculum development; 

18 (iii) to provide guidance to local edu19 cational agencies; or 

20 (iv) to conduct an evaluation of the 

21 impact of financial literacy or personal fi22 nance education on students’ under23 standing of financial literacy concepts. 

24 (B) SUBGRANTS.— 


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1 (i) IN GENERAL.—Each State edu2 cational agency receiving grant funds 

3 under this section shall use the remainder 

4 of such grant funds to award subgrants to 

5 local educational agencies in the State. 

6 (ii) PRIORITY.—In awarding such 

7 subgrants, a State educational agency shall 

8 give priority to local educational agencies 

9 that— 

10 (I) serve high numbers, or a high 

11 percentage of, elementary schools and 

12 secondary schools implementing plans 

13 under paragraphs (1) and (2) of sec14 tion 1111(d) of the Elementary and 

15 Secondary Education Act of 1965 (20 

16 U.S.C. 6311(d)); 

17 (II) demonstrate the greatest 

18 need for such funds, as determined by 

19 the State educational agency; and 

20 (III) demonstrate the strongest 

21 commitment to using funds under this 

22 section to enable the lowest-per23 forming schools to improve students’ 

24 financial literacy and student out25 comes. 


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1 (c) USES OF SUBGRANT FUNDS.—Each local edu2 cational agency receiving a subgrant under this section 

3 shall use the subgrant funds— 

4 (1) to implement, expand, or sustain, in one or 

5 more elementary schools or one or more secondary 

6 schools, school-based financial literacy activities and 

7 curriculum that is a substantial portion of any class, 

8 in order to enhance student understanding of and 

9 experimental learning with consumer, economic, en10 trepreneurship, and personal finance concepts, in11 cluding personal credit, student loans, and financial 

12 aid; 

13 (2) to promote partnerships between the local 

14 educational agency and community-based organiza15 tions that provide innovative, evidence-based finan16 cial literacy activities to elementary school or sec17 ondary school students, which may include after 

18 school activities; and 

19 (3) to promote professional development pro20 grams to embed financial literacy or personal finance 

21 or entrepreneurship education into a well-rounded 

22 education in elementary schools or secondary 

23 schools. 

24 (d) MATCHING FUNDS.—A State educational agency 

25 that receives a grant under this section shall provide 


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1 matching funds, from non-Federal sources, in an amount 

2 equal to 25 percent of the amount of grant funds provided 

3 to the State educational agency to carry out the activities 

4 supported by the grant. 

5 (e) SUPPLEMENT NOT SUPPLANT.—Grant funds 

6 provided under this section shall be used to supplement, 

7 not supplant, other Federal or State funds available to 

8 carry out activities described in this section. 

9 (f) APPROPRIATIONS.—There are authorized to be 

10 appropriated to carry out this section such sums as may 

11 be necessary for fiscal year 2020 and each of the 4 suc12 ceeding fiscal years. 

Æ 


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